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Consensus, one of the leading events in the crypto conference calendar, will take place in Miami, Florida, CoinDesk announced today.Consensus 2026 will take place May 5-7 at the Miami Beach Convention Center. The first Consensus was in 2015, starting in New York City. The event went virtual during the pandemic lockdown before moving to Austin, Texas in 2022, 2023 and 2024. This February, CoinDesk held its first Consensus in Hong Kong, attracting more than 10,000 attendees.Consensus 2025, the North American flagship event, will take place in Toronto May 14-16, featuring headline speakers such as Eric Trump, Charles Hoskinson and Sergey Nazarov. Up to 15,000 people are expected, according to the organizers."We are excited to announce that the Consensus conference will be relocating to Miami in 2026,” said Michael Lau, Consensus Chairman.“As a leading tech and crypto hub, Miami provides an exceptional setting for innovation and collaboration. Its vibrant culture, strategic location, and international connectivity make it an ideal destination for participants from around the world.“The largest industry-wide conference across the Americas, Consensus in Miami will serve as a pivotal meeting point for innovators and leaders, facilitating the most consequential conversations and business opportunities in this thriving metropolis."Tickets for Consensus Miami will go on sale during Consensus 2025 in Toronto.... Read more

Z Squared, a firm that specializes in mining dogecoin (DOGE), the dog-themed memecoin that was propelled to mainstream recognition by Elon Musk in 2021, is merging with biopharmaceutical company Coeptis (COEP).The merger will enable the resulting company to keep DOGE mining operations going, while Coeptis’ pharmaceutical business will be spun out and operated separately. As a result, the firm will become one of the largest publicly-traded companies with a primary focus mining dogecoin and other cryptocurrencies like litecoin (LTC).“Going public provides us with broader access to capital markets to fuel the growth of our mining operations and pursue additional strategic opportunities we believe will be accretive to shareholders,” Z Squared CEO David Halabu told CoinDesk in an email.The transaction is expected to close in the third quarter of 2025. The combined entity will have 9,000 U.S.-based DOGE mining machines. The company declined to share revenue figures with CoinDesk.Spun out from Bitcoin (BTC) in 2013, Dogecoin follows a similar Proof-of-Work consensus mechanism, meaning that miners compete to solve an algorithmic problem in order to produce the next block on the blockchain; whoever solves it first is awarded coins for their efforts.At $27 billion in market capitalization, DOGE is currently the eighth largest cryptocurrency, just ahead of Cardano’s ADA and Tron’s TRX.With the bitcoin mining industry becoming extremely competitive in the last few years, mining operations are seeking new avenues for revenue — by dedicating resources for AI purposes, for example, or mining other cryptocurrencies like dogecoin and litecoin. Bitcoin mining firm BIT Mining (BTCM), for example, announced in December that it had made three times more money mining DOGE and LTC than BTC since it expanded into those cryptocurrencies.Z Squared isn't the first crypto miner to go public using this strategy. Other entities such as Core Scientific (CORZ) and TeraWulf (TERA) employed a similar playbook in 2022.UPDATE (April 25, 18:40 UTC): The article was updated with extra context about bitcoin miners going public through mergers.... Read more

Global bank Citi has predicted 2025 could be a possible inflection point for blockchain adoption driven by stablecoins, akin to the breakout year artificial intelligence (AI) had with popular application ChatGPT."2025 has the potential to be blockchain’s ‘ChatGPT’ moment," the bank's analysts said in a report published earlier this week.At the center of the Citi's projection are stablecoins, a class of cryptocurrencies pegged to traditional currencies like the U.S. dollar. These tokens, led by Tether's $145 billion USDT and Circle's $60 billion USDC, have seen tremendous growth recently and are increasingly being used for payments and remittances globally.Citi sees the asset class potentially growing to $1.6 trillion by 2030 in its base case from the current $230 billion, with the caveat that regulatory support and institutional integration take hold. In the bank's more optimistic scenario, the market could balloon to $3.7 trillion, though lingering structural challenges could keep the number closer to $500 billion in the bank's bear case.A major catalyst is the supportive regulatory stance in the U.S., with a recent presidential executive order directing the formation of a federal framework for digital assets, the report said. The clarity around stablecoin rules could allow these tokens to be more deeply embedded in the financial system, offering faster payments, improved transparency and more efficient asset settlement. "This could lead to greater adoption of blockchain-based money and spur other use cases, financial and beyond, in the U.S. private and public sector," the authors noted.Stablecoin issuers to become major U.S. Treasury holdersStablecoins are expected to remain heavily dollar-denominated in the future. The report anticipates that around 90% of stablecoins in circulation in 2030 will still be tied to the U.S. dollar, cementing its dominance.This has major implications for the global financial system. Dollar stablecoin issuers could become one of the largest buyers of U.S. Treasuries, assuming that regulations push toward backing tokens with low-risk, highly liquid traditional financial assets like government bonds. Citibank estimated issuers could hold $1.2 trillion in U.S. government debt by the end of the decade, potentially surpassing all major foreign sovereign holders.Meanwhile, the central banks of countries in Europe and Asia will likely promote their own digital currencies, or CBDCs, the report noted.The report pointed to several risks that could hamper the growth. Stablecoins de-pegged nearly 1,900 times in 2023 alone, including more than 600 instances involving major tokens, the report's authors wrote, citing Moody's data. In extreme cases, mass redemptions—like those following the collapse of Silicon Valley Bank (SVB) that consequently hit USDC—can disrupt crypto liquidity, force automated selloffs and ripple through financial markets, the authors added.... Read more

Paul Atkins’ first public event as chairman of the U.S. Securities and Exchange Commission was a crypto roundtable on Friday, where the new agency chief devoted his inaugural speech to assuring the industry that he'll continue to remake securities policy to favor digital assets innovation.The agency and industry have been awaiting congressional action to establish crypto market-structure oversight that will likely set guardrails, and Atkins told an audience at the SEC's Washington headquarters that the regulator will work toward delivering "a rational, fit-for-purpose framework" for crypto.However, in answer to a question from CoinDesk after his speech, Atkins indicated that the agency may be able to act to some degree during this wait for new laws."It's always good to have Congress' input, and if there's a statute to back up what we're doing, I think that's all the better," Atkins said. "But we have ample room to maneuver under existing rules and laws."Atkins further suggested that he thinks the concept of special-purpose crypto broker dealers, a little-used registration most prominently represented by Prometheum, has been very successful and may need to be reconsidered, and he said the agency will look at whether custody rules need to be changed to "accommodate crypto assets and blockchain technology."Atkins previously appeared at a swearing-in ceremony earlier this week in the White House, where Trump said "he's the perfect man to lead this agency" at a time when the digital assets sector needs regulatory clarity, and Atkins said a "top priority of my chairmanship will be to provide a firm regulatory foundation for digital assets." But Friday's event at the SEC's headquarters represented his first full-fledged engagement with the public.Read More: Crypto Ally Paul Atkins Sworn In to Replace Gary Gensler Atop U.S. SECThe crypto sector has high hopes for Atkins, though his stand-in for the past few months — Commissioner Mark Uyeda — already took a number of decisive actions to reverse the regulator's earlier crypto reluctance under former Chair Gary Gensler. As interim chairman, Uyeda reversed or sidelined a number of crypto policy efforts pursued under Gensler and has abandoned most of the regulator's prominent enforcement actions targeting the industry.Until now, industry expectations for Atkins' leadership were based on conjecture rooted in his experience advising and investing in digital assets firms, especially since his Senate confirmation hearing failed to explore his crypto views.Atkins had served as an adviser to crypto entities such as the Digital Chamber and as a board member of tokenization firm Securitize, and his ties to Off the Chain Capital had previously linked him to its investment stakes in big crypto companies like Digital Currency Group (DCG) and Kraken.Friday's roundtable was the third in a series the agency has held on crypto matters, this time focused on custody in the industry. Crypto custody has been a particularly dicey topic at the agency, which under Gensler's reign had sought to approve a policy demanding investment advisers put their clients' digital assets only with certain qualified custodians. Gensler had argued that the rule was meant to exclude most of the existing crypto platforms as suitable custodians, but the effort was put on ice.Read More: U.S. SEC's Acting Chair Walking Back Agency Proposal on Crypto Trading PlatformsAtkins was asked by reporters on the event's sidelines about President Trump's own crypto interests and whether Trump's memecoin, $TRUMP, will rob credibility from the White House on industry policy."I have no comment on any of that," Atkins said.... Read more

After several weeks on a plateau, bitcoin saw some action this week, climbing to more than $95,000 at press time. It was up 12% on the work-week, buoyed by better macro news and a feeling that the worst of tariff-mania may be over. The CoinDesk 20 — which tracks about 80% of crypto market cap — jumped 10%-plus in the last five days.In an interview with CoinDesk’s Sam Reynolds, Coinbase Institutional's John D’Agostino attributed the rally to institutions and sovereign wealth funds accumulating bitcoin. Retail traders, by contrast, were tending to exit bitcoin ETFs, he said.Institutions continued to back bitcoin-accumulation vehicles. On Wednesday, Strike CEO Jack Mallers and Cantor Fitzgerald’s Brandon Lutnick unveiled Twenty One Capital, a new bitcoin investment company backed by Tether, Bitfinex, and SoftBank. Twenty One will have the third largest bitcoin corporate treasury with 42,000 BTC, Reynolds and Francisco Rodrigues reported. There was increasing evidence from the options markets that traders are willing to hold BTC through market swings, which explains why bitcoin held relatively steady when stocks and bonds were diving in recent weeks. CoinDesk’s market wizard Omkar Godbole reported on that.Bitcoin became the fifth most-valuable of all financial assets this week, surpassing Google’s market cap for the first time. Not bad for a protocol that started as a hobby among cypherpunks 20 years ago. In other news, Zora’s much-hyped token launch sagged a little on debut. Analysts said traders were weary of so-called “VC tokens” with relatively little liquidity. “The $ZORA launch highlights a recurring issue in Web3: overpromising and underdelivering,” Min Jung, a research analyst at Presto, told markets reporter Shaurya Malwa.Ouch.But rising prices for core crypto assets is opening space for expansive Web 3 ideas. This week, the hit British TV series Peaky Blinders launched a blockchain-based video game and Web3 “ecosystem,” for instance. And, in a shift from a year ago, we saw plenty of other gaming and cultural-crypto news announcements.Still, if you had to pick two winners in the current market, you’d have to go for bitcoin and… stablecoins (there are going to be hundreds of them soon). This week, USDC-issuer Circle announced a new global payments and remittances network (Ian Allison reported), and Coinbase free conversion between U.S. dollars and PayPal's PYUSD stablecoin.You can’t go really too far wrong — though it’s not investment advice —accumulating bitcoin, and paying in stables.... Read more

Nasdaq, the operator of one of the premier U.S. stock exchanges and a crypto index, is advising the U.S. regulators to carefully focus on defining digital assets in four buckets that will clearly determine which agency acts as referee, according to a 23-page letter sent to the Securities and Exchange Commission's crypto task force."While a stock by any other word would still be a stock, the existing market ecosystem can readily absorb digital assets by establishing the proper taxonomy and calibrating certain rules to reflect what is truly new and novel about digital assets," the letter argued in response to the invitation issued by the task force's chief, Commissioner Hester Peirce, to weigh in on future regulations.The four future categories of digital assets, in Nasdaq's view, should be:financial securities (tokens tied to assets that are securities under existing definitions, like stocks, bonds and exchange-traded funds (ETFS), which Nasdaq said should be treated just the same as their underlying assets);digital asset investment contracts (tokenized contracts that check all the securities boxes under a "clarified version" of the Supreme Court's so-called Howey test);digital asset commodities (meeting the U.S. definition of commodities)other digital assets (stuff that doesn't fall anywhere else and shouldn't have rules for securities or commodities imposed on it)The securities categories belong in the hands of the SEC, which will be working with its cousin agency, the Commodity Futures Trading Commission, that will handle the commodities. Those agencies — presumably directed at some point by a new crypto law hatched by Congress — will figure out the precise border between their jurisdictions.The letter, signed by John Zecca, the company's chief regulator executive, argued that "digital assets that constitute financial securities must trade as they do today."Nasdaq also suggested that the two agencies should formulate a kind of crossover trading designation for platforms that can handle digital asset investment contracts, commodities and other types of assets under one roof.In the letter, Nasdaq underlined its digital-asset credibility, saying its "trading and clearing services, market and trading surveillance, and central securities depository technology support digital assets platforms on six continents." It contended that the regulators should consider imposing safety measures or further constraints on firms that want to handle investors' activity from top to bottom, which is the common approach of existing crypto firms.Read More: SEC 'Earnest' About Finding Workable Crypto Policy, Commissioners Say at Roundtable... Read more

The team behind the Trump memecoin said Thursday that the top 220 holders on its list, where the smallest wallet holds $420 worth of TRUMP, are eligible to win dinner with President Donald Trump, contrary to rumors that a six-figure token stash was required.“We want to clarify a few things people seem confused by on X and in the Media,” the team’s X account posted. “You need $300K+ to participate (You Don't); That we're unlocking into this competition (We're Not).”TRUMP surged 70% this week, trading at around $12 as of Thursday, mainly driven by hype around the so-called “Dinner with Trump” event, according to CoinDesk’s earlier reporting.Some users on X claimed that only holders with more than $300,000 in tokens could participate. Others speculated that the wallet ranked 220 on a blockchain explorer was the minimum cutoff.The team dismissed both claims, stating that users must register via the official leaderboard and that only time-weighted holdings during the competition will count.Currently, the leaderboard's top wallet, under the pseudonym “Sun,” holds over 1.1 million TRUMP tokens, worth nearly $14 million. The 220th spot was held by “HAR,” with just 35.3 TRUMP tokens, or about $420 in dollar terms.Twenty five wallets are listed as VIPs on the leaderboard, where the cut-off holder sits on over $400,000 worth of TRUMP.The team also addressed concerns about token unlocks affecting the leaderboard, stating that both the cliff unlock and subsequent daily unlocks would remain inaccessible for 90 days, outlasting the competition itself.“We want to say again that the tokens from the initial cliff unlock and the following 3 months of daily unlocks will remain locked, each for an additional 90 days,” it said.... Read more

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.The CoinDesk 20 is currently trading at 2774.43, up 1.5% (+40.48) since 4 p.m. ET on Thursday.Eighteen of 20 assets are trading higher.Leaders: SUI (+13.7%) and BCH (+7.1%).Laggards: POL (-1.9%) and ADA (-0.5%).The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.... Read more

Bitcoin's (BTC) recent uptrend has likely set the stage for a six-figure price mark, catalyzing increased trading activity in the memecoin sector, where DOGE and SHIB are seeing bullish activity.BTC, the leading cryptocurrency by market value, briefly topped $95,000 soon before press time, the highest since March 2, CoinDesk data show. The move comes three days after prices crossed above the Ichimoku cloud momentum indicator, signaling a bullish shift in the market trend.Supporting the constructive outlook are the consecutive daily candles with long tails (marked by box), suggestive of buy the dip mentality, and the upward-sloping five- and 10-day simple moving averages (SMA). Additionally, the daily chart MACD histogram prints higher bars above the zero line to suggest strengthening upward momentum.In other words, the path of least resistance is likely on the higher side, hinting at a continued move higher to $100,000, which is also the most popular call option strike on Deribit. The bullish outlook risks negation below $88,800, the former resistance-turned-support.AI's take on SHIB and DOGEAmid this bullish backdrop for bitcoin, the CoinDesk AI market insight bot has identified a breakout in SHIB, the world's second-largest meme coin, suggesting increased risk-taking in the broader crypto market."Bitcoin's rise above $92K has triggered increased memecoin trading, with SHIB breaking out of a year-to-date falling channel and showing bullish technical indicators, " the bot said. "SHIB has demonstrated exceptional volatility with a 15.6% price fluctuation, establishing strong support at 0.00001225 after bottoming on April 21."The chart shows that SHIB has topped the trendline, characterizing the year-to-date downtrend and is looking to establish a foothold above the Ichimoku cloud, following BTC's lead. That would confirm the trend reversal higher.Meanwhile, DOGE, the world's leading cryptocurrency by market value, could soon follow suit, with the AI bot pointing to investor accumulation at around 18 cents."Recent price action shows consolidation above 0.180 with decreasing volatility, suggesting accumulation before [bullish] continuation," the bot said.DOGE has risen over 35% since probing lows under 13 cents on April 7.... Read more

Semler Scientific (SMLR) bought an additional 111 bitcoin (BTC) for an average purchase price of $90,124, using proceeds from at-the-market offering and cash on hand, it announced in a press release.This brings the medical device maker’s total bitcoin holdings to 3,303 BTC, which were purchased at a total cost of $290.4 million.Semler said its year-to-date bitcoin yield — the percentage change in the ratio of its bitcoin holdings to its full-diluted shares outstanding over a given period — was 23.5%, down from 152.2% in February.Shares of the company are down 36.92% since the beginning of the year.... Read more

By Omkar Godbole (All times ET unless indicated otherwise)Bitcoin (BTC) is taking a breather near $94,000, having dropped to $92,000 in the past two days. The cryptocurrency chalked out a bullish breakout above key resistance early this week, shifting focus to the $100,000 level and leaving major altcoins like XRP, ETH, SOL, ADA and DOGE behind.However, smaller coins like STX, SUI, ONDO and GRT put in double-digit gains in the past 24 hours, outperforming both BTC and the wider market: The CoinDesk 20 Index (CD20) has gained about 3%.BTC's $20,000 surge since April 7 has been underpinned by increased on-chain accumulation by whales and significant inflows through spot ETFs, with the 11 U.S.-listed funds amassing almost $1.5 billion in net inflows over the past three days, according to Farside Investors.Market gains have been bolstered by policy developments in the U.S. Late Thursday, the Federal Reserve lifted its restrictive crypto guidance, saying state member banks no longer need to provide advance notice before engaging in crypto-related activities."Market internals currently suggest a consolidation phase — our base case projects accumulation between $90,000 and $95,000, with potential pullbacks to $87,000, ahead of a possible breakout toward $100,000 or more in the coming weeks," said Valentin Fournier, the lead research analyst at BRN.QCP Capital echoed the sentiment, noting that a decisive catalyst is needed to push prices above $100,000.Later today, the University of Michigan will publish its final survey-based inflation expectations report for April. President Donald Trump's trade war has stoked Main Street inflation concerns, so the report is likely to show an increase. The market, however, likely priced in those fears early this month and is probably focusing on next week's U.S. jobs data."The next big chapter here will be whether all this volatility has hit real world decisions — especially in the U.S. jobs market. There is plenty of U.S. jobs data released next week and any deterioration here could trigger another round of dollar losses — albeit a more benign dollar decline on the view that the Federal Reserve would be riding to the rescue after all," ING said."In terms of Fed pricing, the market now seems comfortable to price the first cut in July — potentially once we all know whether the 90-day pause in Liberation Day tariffs is temporary or longer lasting," it said. Stay alert!What to WatchCrypto:April 25, 1 p.m.: U.S. Securities and Exchange Commission (SEC) Crypto Task Force Roundtable on "Key Considerations for Crypto Custody".April 28: Enjin Relaychain increases active validator slots to 25 from 15 to enhance decentralization.April 29, 1:05 a.m.: BNB Chain (BNB) — BSC mainnet hardfork.April 30, 9:30 a.m.: ProShares expects its XRP ETF, offering exposure through futures and swap agreements, to begin trading on NYSE Arca.April 30, 10:03 a.m.: Gnosis Chain (GNO), an Ethereum sister chain, will activate the Pectra hard fork on its mainnet at slot 21,405,696, epoch 1,337,856.MacroDay 5 of 6: World Bank (WB) and the International Monetary Fund (IMF) spring meetings in Washington.April 25, 8:30 a.m.: Statistics Canada releases (Final) February retail sales data.Retail Sales Ex Autos MoM Est. -0.4% vs. Prev. 0.2%Retail Sales MoM Est. -0.4% vs. Prev. -0.6%Retail Sales YoY Prev. 4.2%April 25, 10:00 a.m.: The University of Michigan releases (Final) April U.S. consumer sentiment data.Michigan Consumer Sentiment Est. 50.8 vs. Prev. 57April 28: Canadian federal election.Earnings (Estimates based on FactSet data)April 29: PayPal Holdings (PYPL), pre-market, $1.16April 30: Robinhood Markets (HOOD), post-market, $0.33May 1: Block (XYZ), post-market, $0.97May 1: Reddit (RDDT), post-market, $0.02May 1: Riot Platforms (RIOT), post-market, $-0.23May 1: Strategy (MSTR), post-market, $-0.11Token EventsGovernance votes & callsLido DAO is voting to extend its delegate incentivization program (DIP) through Q4 with a $225,000 LDO budget. Voting ends April 28.Uniswap DAO will vote on establishing a licensing and deployment framework for Uniswap v4 to accelerate its adoption across multiple chains. The proposal grants the Uniswap Foundation a blanket exemption to deploy v4 on any DAO-approved chain and gives the Uniswap Accountability Committee authority to update deployment records. Voting is April 24-30.April 30, 12 p.m.: Helium to host a community call meeting.UnlocksApril 30: Optimism (OP) to unlock 1.89% of its circulating supply worth $23.45 million.May 1: Sui (SUI) to unlock 2.28% of its circulating supply worth $221.99 million.May 1: ZetaChain (ZETA) to unlock 5.67% of its circulating supply worth $11.28 million.May 2: Ethena (ENA) to unlock 0.73% of its circulating supply worth $13.69 million.May 7: Kaspa (KAS) to unlock 0.56% of its circulating supply worth $13.91 million.May 9: Movement (MOVA) to unlock 2.04% of its circulating supply worth $11.33 million.Token LaunchesMay 2: Binance to delist Alpaca Finance (ALPACA), PlayDapp (PDA), Viberate (VIB) and Wing Finance (WING).May 5: Sonic (S) to be listed on Kraken.Conferences:CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.April 26: Crypto Vision Conference 2025 (Manilla)April 26-27: Harvard Blockchain in Action Conference (Cambridge, Mass.)April 27: N Crypto Conference 2025 (Kyiv)April 27-30: Web Summit Rio 2025April 28-29: Blockchain Disrupt 2025 (Dubai)April 28-29: Staking Summit DubaiApril 29: El Salvador Digital Assets Summit 2025 (San Salvador, El Salvador)April 29: IFGS 2025 (London)April 30-May 1: TOKEN2049 (Dubai)Token TalkBy Shaurya MalwaStablecoin supply on Solana hit a record $12.8 billion on Thursday, buoyed by Circle minting $1.75 billion of its USDC stablecoin in the recent weeks. The minting signals strong demand and liquidity growth in Solana’s ecosystem despite a market lull.Supply of Tether's USDT on Tron crossed the $70 billion mark on Thursday.Rollup builder Initia's new INIT tokens climbed to 92 cents after a Thursday issuance at an initial price of 60 cents. The token was airdropped to users based on their activity on the Initia network.Content coin creation platform Zora's ZORA dropped 17% despite being added to the Coinbase listing roadmap (which is historically bullish for tokens) after failing to grab demand among retail traders.Derivatives PositioningSUI, ONDO, UNI and HBAR are have shown the most growth in perpetual futures open interest in the past 24 hours. Open interest in BTC and ETH futures has flatlined. Perpetual funding rates for most major tokens remain moderately positive, highlighting bullish sentiment. The CME bitcoin futures basis still remains below 10%. In options, traders bought ETH puts via OTC platform Paradigm while the BTC call option at $95K dominated the flow. Market MovementsBTC is up 0.23% from 4 p.m. ET Thursday at $93,701.46 (24hrs: +1.32%)ETH is up 0.62% at $1,774.26 (24hrs: +1.92%)CoinDesk 20 is up 0.45% at 2,750.46 (24hrs: +2.79%)Ether CESR Composite Staking Rate is up 1 bps at 3.13%BTC funding rate is at 0.0024% (2.6608% annualized) on BinanceDXY is up 0.26% at 99.63Gold is up 0.9% at $3,304.78/ozSilver is down 0.45% at $33.38/ozNikkei 225 closed +1.9% at 35,705.74Hang Seng closed +0.32% at 21,980.74FTSE is up 0.15% at 8,419.93Euro Stoxx 50 is up 0.68% at 5,149.61DJIA closed on Thursday +1.23% at 40,093.40S&P 500 closed +2.03% at 5,484.77Nasdaq closed +2.74% at 17,166.04S&P/TSX Composite Index closed +1.04% at 24,727.53S&P 40 Latin America closed +1.83% at 2,521.21U.S. 10-year Treasury rate is down 2 bps at 4.3%E-mini S&P 500 futures are up 0.24% at 5,524.75E-mini Nasdaq-100 futures are up 0.26% at 19,373.00E-mini Dow Jones Industrial Average Index futures are down 0.11% at 40,219.00Bitcoin Stats:BTC Dominance: 64.18 (-0.37%)Ethereum to bitcoin ratio: 0.01902 (1.01%)Hashrate (seven-day moving average): 815 EH/sHashprice (spot): $48.25 PH/sTotal Fees: 8.97 BTC / $834,273CME Futures Open Interest: 139,505 BTCBTC priced in gold: 28.1 ozBTC vs gold market cap: 7.98%Technical AnalysisBitcoin layer-2 protocol Stacks' native token, STX, has crossed above the Ichimoku cloud to suggest a bullish shift in momentum. The ascending 5- and 10-day simple moving averages (SMAs) suggest the same, with $1.05, the August 2024 low, as immediate resistance. Crypto EquitiesStrategy (MSTR): closed on Thursday at $350.34 (+1.33%), up 0.19% at $351 in pre-marketCoinbase Global (COIN): closed at $203.87 (+4.66%), up 1.8% at $205.67Galaxy Digital Holdings (GLXY): closed at C$20.68 (+10.41%)MARA Holdings (MARA): closed at $14.01 (-0.85%), up 0.71% at $14.11Riot Platforms (RIOT): closed at $7.79 (+3.87%), unchanged in pre-marketCore Scientific (CORZ): closed at $7.53 (+5.76%)CleanSpark (CLSK): closed at $8.86 (-0.11%), unchanged in pre-marketCoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $14.06 (+4.07%)Semler Scientific (SMLR): closed at $34.44 (+0.47%), up 2.47% at $35.29Exodus Movement (EXOD): closed at $45.21 (+2.54%), down 0.44% at $45.01ETF FlowsSpot BTC ETFs:Daily net flow: $442 millionCumulative net flows: $38.13 billionTotal BTC holdings ~ 1.14 millionSpot ETH ETFsDaily net flow: $63.5millionCumulative net flows: $2.32 billionTotal ETH holdings ~ 3.32 millionSource: Farside InvestorsOvernight FlowsChart of the DayThe number of BTC held in wallets tied to centralized exchanges continues to slide, hitting the lowest in five years. "Historically, such declines have often preceded price increases, as shown in the chart," CryptoRank said. While You Were SleepingARK Invest Raises 2030 Bitcoin Price Target to as High as $2.4M in Bullish Scenario (CoinDesk): ARK’s revised bitcoin outlook sees a 2030 bull-case price 60% above last year’s estimate, with base and bear scenarios projecting $1.2 million and $500,000, respectively.Stacks' STX Is Week's Best Performer as Bitgo Link Seen Boosting Institutional Use (CoinDesk): BitGo opened the door for its customers to explore yield-generating opportunities on Stacks by integrating sBTC, a synthetic derivative that... Read more

U.S. spot bitcoin (BTC) ETFs have recorded approximately $2.8 billion in net inflows over the past five trading days, contributing to driving the price of bitcoin higher from around $85,000 to $94,000. The iShares Bitcoin Trust (IBIT) has accounted for $1.3 billion of these inflows alone.Michael Saylor, Chairman of the largest listed bitcoin holder Strategy (MSTR), stated that "IBIT will be the biggest ETF in the world in ten years." Saylor made the comments at the Bitcoin Standard Corporation’s Investor Day.To put this into perspective, IBIT currently has a market capitalization of $54 billion and on Thursday over $1.5 billion in volume. In comparison, the largest ETF by market cap, the Vanguard S&P 500 ETF (VOO), boasts a market capitalization of $593.5 billion, more than ten times that of IBIT.Eric Balchunas, Senior ETF Analyst at Bloomberg, acknowledged the possibility of IBIT becoming the largest ETF, though he emphasized that it would be extraordinary. “It’s possible, especially if IBIT starts taking in more cash than VOO, but that would require inflows well north of $1 billion a day—more likely in the range of $3 to $4 billion daily, to gain ground. In short, some extraordinary things would have to happen, but it’s possible,” Balchunas noted.Meanwhile, the annualized basis trade for bitcoin ETFs, investors going long the ETF and short the CME bitcoin futures, has risen to nearly 10%, up from 5% in early April. This increase, coupled with a 2,000 BTC rise in futures open interest over the past week, suggests that a portion of the net ETF inflows may not be purely directional bets, but part of the basis trade. ... Read more

The price of bitcoin (BTC) price has recovered to $94,000 since hitting lows under $75,000 early this month. The surge is characterized by crypto whales, large investors with substantial capital, snapping up coins from the market, in activity seen as confirming the rally.The renewed demand from whales is evident in Glassnode's proprietary Accumulation Trend Score, which reflects the relative size of entities actively soaking up new coins on-chain. A score of 1 indicates that, on aggregate, the entities are accumulating, while a value close to zero suggests otherwise.As of Thursday, wallets holding over 10,000 BTC had an accumulation score of 0.90, and those with 1,000 BTC to 10,000 BTC scored 0.7. Smaller wallets were pivoting to accumulation with a trend score 0.5."So far, large players have been buying into this rally," Glassnode noted on X.Meanwhile, data from CryptoQuant revealed the highest BTC outflow from centralized exchanges in two years when analyzed using the 100-day moving average."A review of historical patterns suggests that this could imply re-accumulation of assets by investors," commentators at CryptoQuant said.Outflows from centralized exchanges are taken to represent investor preference for direct custody of their coins, a sign of long-term holding strategy. ... Read more

ARK Invest raised its decade-end bitcoin (BTC) price target to as high as $2.4 million apiece after revising its assumptions on active supply, which excludes lost or long-held coins. The largest cryptocurrency by market value was recently trading around $94,000.The bull-projection figure, 60% more than its January 2024 estimate, reflects a 72% compound annual growth rate (CAGR) from last December through the end of 2030. The base case estimates a BTC price of $1.2 million — a 53% CAGR — while the bear case projects $500,000, equating to a 32% CAGR. David Puell, an analyst at the Cathie Wood-led investment company, used a model based on total addressable market and projected market penetration across several sectors. These include institutional investment, bitcoin’s role as "digital gold," its use as a haven in emerging markets, adoption for nation-state and corporate treasury holdings and on-chain financial services built on the bitcoin network.In November last year, Puell targeted $104,000-$124,000 by year-end. Bitcoin ended December at $93,440 en route to hitting a record high of $109,000 in January before slumping to lows around $74,500 earlier this month.The rally since then is partly driven by declining exchange balances, which indicate that more BTC is being withdrawn into private wallets, a sign of long-term holding behavior. According to Glassnode data, exchange-held BTC has fallen from approximately 3 million in November 2024 to 2.6 million, reinforcing the growing bullish sentiment around the cryptocurrency.... Read more

STX, the native token of Bitcoin layer-2 protocol Stacks, has surged 56% in seven days to become the week's best-performing of the 100 biggest cryptocurrencies amid hopes for institutional adoption.The token hit a two-month high of 92 cents on Friday after gaining more than 21% in the past 24 hours to become the day's biggest advancer, according to CoinDesk data. Stacks is the world's leading layer 2 for running smart contracts and decentralized applications on the Bitcoin blockchain. On Tuesday, BitGo, the digital asset custody and infrastructure provider and a backer of the wrapped bitcoin (WBTC) token, opened the door for its customers explore yield-generating opportunities on Stacks by integrating sBTC, a synthetic derivative that represents bitcoin (BTC) in a 1:1 ratio on the Stacks blockchain.“SBTC opens the door to programmable, decentralized financial products without compromising Bitcoin’s core principles — and we’re just getting started," said Abishek Singh, a product manager at BitGo. "With over $3 trillion in processed transactions and more than $48 billion in staked assets, BitGo is uniquely positioned to help institutions tap into this new era of Bitcoin utility." STX plays several roles in the Stacks ecosystem, including enabling connection between the parent blockchain and Bitcoin, supporting smart-contract creation and enabling network governance. It's also used to pay transaction fees and plays a key role in the proof-of-transfer consensus mechanism that allows holders to earn BTC by locking their STX. The sBTC token allows holders to participate in Stacks' DeFi ecosystem while keeping the price peg to their underlying bitcoin. The sBTC withdrawal facility, expected to be implemented April 30, will allow institutions to move seamlessly between BTC and sBTC, opening doors for creating new applications encompassing Stacks' smart contract features and Bitcoin's security.Ecosystem liquidity improvingLiquidity in the Stacks-based decentralized finance ecosystem is improving, the protocol announced on X early Friday, pointing to an over 400% surge in the stablecoin supply in the first quarter, the third-largest behind Morph and Cronos.The total stablecoin supply in the ecosystem was nearly $7 million, up from around $1 million in early January, according to data source DefiLlama.... Read more